QUESTION: 9

Which of the following statements concerning ownership of property in the form of a joint tenancy with right of survivorship is correct?

Qualified joint tenancies cannot be severed without mutual consent.
Upon the death of a joint tenant, the surviving joint tenant receives the decedent's interest by operation of law.
Nonqualified joint tenants may have unequal interests in the property.
This form of ownership is limited to real property.

Answer(s): B

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QUESTION: 10

Which of the following statements concerning executors is correct?

An executor can be given broad and discretionary powers with respect to the management of the estate.
All executors must post bonds.
The executor must be a licensed attorney in the decedent's state of domicile.
The executor named in the will of a deceased person is automatically authorized to act.

Answer(s): A

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Which of the following statements concerning the generation-skipping transfer tax (GSTT) is (are) correct?

1. An annual exclusion against GSTT will shelter gifts by a grandparent to a trust benefitting multiple grandchildren.
2. Tuition payments made directly by a grandparent to a university for a grandchild's education are exempt from GSTT.

Neither 1 nor 2
1 only
Both 1 and 2
2 only

Answer(s): D

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QUESTION: 12

All the following statements concerning real property ownership by married couples as joint tenants with right of survivorship are correct EXCEPT:

All benefits of ownership remain available to the surviving spouse without interruption during the administration of the deceased spouse's estate.
In common-law states the total value of the property receives a stepped-up tax basis in the estate of the first spouse to die.
Jointly held property between spouses does not pass through the probate estate of the first spouse to die.
The deceased spouse's interest in the property qualifies for the marital deduction since it passes outright to the surviving spouse.

Answer(s): B

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QUESTION: 12

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